7 - 8 FEB 2018THE ROYAL PALM, SOUTH BEACH, MIAMI, UNITED STATES

The Royal Palm, South Beach, Miami, United StatesFeb 7 - 8, 2018

Confirmed Speakers:Confirmed Speakers:Marcello Estevão, Secretary For International Affairs, Ministry of Finance BrazilVictor LuqueManaging Director for State owned EnterprisesMinistry of EnergyMexicoEsteban Pérez AndrichNational Director for Renewable Energy Ministry of Energy and Mining, ArgentinaJesus SerranoLanderosCommissionerComisión Reguladora de Energía, MexicoKee Chan SinAssistant Treasurer and Vice President Corporate FinanceVerizon

Antje GibsonVice President & TreasurerRoyal Caribbean CruisesSarvesh SuriDirector ofOperationsMIGA - MultilateralInvestment GuaranteeAgencyPablo Otin VPEmerging Markets8minutenergyJesse LawChief of StaffUS Ex-Im Bank

Bruce DrossmanSenior Vice PresidentGE Energy Financial ServicesJeffrey S. CainSr. Vice President - Project and Export FinanceSiemens Financial Services

Adrián KatzewCEOZuma EnergiaArun Kumar SharmaChief Investment Officer, Global Financial Markets, International Finance Corporation (IFC)Chris PattersonExecutive Director: Structured Finance (Americas)Caterpillar Financial Services CorporationJozef HenriquezHead of Resource Mobilization Inter-American Investment Corporations (IIC)Lenny FloriaHead of Regional Treasury and Structured Finance for the AmericasNokia

Adi J. BlumManaging Director, Global Energy & Power InfrastructureBlackRockMiguel RubioManaging DirectorACCIONA EnergíaTimothy EffioMarket Director, Latin AmericaAES Energy StorageLeandro AlvesPresident & COOFalvez EnergyJuan WalkerNew Business LatamMainstreamRenewable PowerRafael Valdez MingrammManaging Director for Latin America & The CaribbeanEnvision Energy InternationalTopi VesteriDeputy CEOFinnvera plc

Jean-Baptiste PietteHead of Export And Agency Finance (USA)Santander BankGregory SmithPartner, US Co-Chair,Projects and Infrastructure, DLA PiperJ. Michael BrownPartner Energy & Natural ResourcesReed SmithValentino GalloGlobal Head Of Export And Agency FinanceCitiMauricio GonzalezHead of Export Finance NABNP ParibasPiers ConstableHead of the Americas / Structured Trade & Export FinanceDeutsche Bank

Yoshitaka FukushimaAssistant DirectorNippon Export Investment Insurance (NEXI)Maria HulténDirector Export FinanceSwedish Export Credit Corporation (SEK)Jose SilosDirectorInvex Infraestructura Nick GoleGlobal Head of Infrastructure and US ResourcesMacquarie CapitalJens KruseHead Of UnderwritingLatin AmericaEuler HermesAktiengesellschaftReinier DouqueHead Agribusiness,Food & WaterFMO Development Bank

Alejandro FernandezFinance ManagerBungeJared KotlerHead of Political Risk and CreditValidus SpecialityKari S. LarsenCounselReed SmithJohn LavelleSenior Managing DirectorBPL/EIA-GlobalJuan MartinManaging Director - Head of Structured Commodity Trade FinanceDeutsche BankKatherine WeberHead of AmericasCountry RiskBMI Research

Richard Simon-LewisHead of Global Origination, Client Coverage, Marketing & CommunicationsUK Export FinanceThomaz FavaroAssociate Director,Brazil & Southern ConeControl RisksRicardo MartinezPartnerHogan Lovells US Luis ArizagaFounding PartnerEIRA CapitalLionel AutretManaging Director, Trade andCommodity FinanceRabobankNorth America

Following the success of TXF’s inaugural 2017 Americas Conference, TXF is back with aplomb, attracting 350 leading lights to SouthBeach, Miami, for 2 days of networking, learning and entertainment.

Senior leaders from SOEs, project sponsors, borrowers, EPC contractors, exporters, ECAs, DFIs, SWFs, traders, producers, commercialbanks, pension funds, private equity firms, infrastructure funds, lawyers and insurers will gather to discuss key industries and markets.

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Day OneWednesday February 7th

Day One

The time is now – Argentina’s opportune investment landscapeKey public and private sector borrowers gather to discuss financing power generation, oil & gas, 4G telecommunications, transport infrastructure and mining projects. We ask if the current political and economic situation is conducive for continued growth in these industries, and what this means for the project landscape going forward? How will the PPP program pan out? How can investors become involved in the World Bank backed RenovAr? Can Argentina respond to the increased demand for lithium?Esteban Pérez Andrich, National Director for Renewable Energy, Ministry of Energy and Mining, Argentina

Weapon of choice: Balancing the borrower’s bookThis session gathers borrowers from across the Americas to discuss the role of various debt instruments in meeting their investment objectives, while maintaining balance sheet health. What considerations are taken when opting for ECA-supported debt, capital markets, bonds, bank loans and other products? We present hypothetical deal scenarios and ask the borrowers how they would go about financing themAntje Gibson, Vice President & Treasurer, Royal Caribbean Cruises

Audience response surveyDelegates’ thoughts and forecasts on trade across the Americas for 2018/2019. A chance to have your say: this anonymous, real-time survey gauges the opinion of the audience on the key issues in the industry. All attendees receive an annotated report of the results after the eventModerator: Dominik Kloiber, Co-founder, TXF

A year in the Americas: Status updateYour go-to guide for navigating the Americas, we cast an eye over the past year and evaluate the changing geopolitical landscape for the next 2 years. Key factors that influence the regional balance and trade relationship between the continents will be addressed:

- Brazilian 2018 election uncertainty, local currency fluctuations and reputational restoration

- US sanctions on Venezuela’s Nicolás Maduro and the ramifications for assets in the country

- Country analysis: Argentina’s rising star status, Colombia and Chile’s growth, and the political outlook across the region

- The Trump affect: What has happened so far, how does this affect trade, international relations, US policy lenders EXIM and OPIC, and US outbound and inbound investment?Katherine Weber, Head of Americas Country Risk, BMI Research

Chairman’s introJonathan Bell, Editor in Chief, TXF

Wednesday February 7th

4

Networking coffee break

Export Finance Stream - Room 1 Commodity & Trade Finance Stream - Room 2

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Networking Lunch

Exporters Olympics: A global raceLeading exporters from different sectors across the globe reveal their investment strategies in key markets across the Americas. We ask them to evaluate working with the different ECAs, rules regarding OECD and non-OECD exporters, and their financing requirements to capitalise on growth opportunities. Crucially is the ECA product doing enough to support their endeavours? Are there any upgrades they would like to see?Bruce Drossman, Senior Vice President, GE Energy Financial ServicesJeffrey S. Cain, Sr. Vice President - Project and Export Finance, Siemens Financial ServicesChris Patterson, Executive Director: Structured Finance (Americas), Caterpillar Financial Services CorporationModerator: Mauricio Gonzalez, Head of Export Finance NA, BNP Paribas

From farm to fork: Strategizing sustainable agribusiness modelsSustainability is key when it comes to agribusiness; we examine the key technological and strategic advances in the field and subsequent investment scenarios. With technology driving production costs down, and growing populations increasing demand, how do we mitigate the potential impact of over-production? Climate change and unpredictable weather patterns play a pivotal role, how can we mitigate risk and what is the role of agencies and private insurance in this? Where are the opportunities for equipment suppliers?Reinier Douque, Head Agribusiness, Food & Water, FMO Development BankAlejandro Fernandez, Finance Manager, Bunge

The changing face of US commodity tradingThis collaborative panel brings together alternative and institutional investors, US domestic traders and global traders, to examine how US based trading is evolving:• In addition to shifts in commodity prices, compliance and regulation are also impacting the traditional bank market. how will the role of alternative investors as a source of liquidity evolve? What is the effect of Asian and Chinese banks entering and changing the market?• How do US domestic traders see their role expanding, and what does this mean for global traders?• Is global demand back to a level where we will see increased investment in Latin American production, and where will the most growth come from?Kari S. Larsen, Counsel, Reed Smith

New ECA Verizon’s: US Telecoms With the recent two Verizon ECA backed transactions, and ECA appetite from both Sprint and AT&T, we examine why the telecoms market have opted for this asset class:- Why have Telco’s opted to choose ECA supported finance over the capital markets?- Is this an emerging trend born out of today’s market factors, or a temporary solution?- What’s next in the pipeline, and do similar opportunities exist south of the border?Kee Chan Sin, Assistant Treasurer and Vice President Corporate Finance, VerizonLenny Floria, Head of Regional Treasury & Structured Finance, Americas, NokiaMaria Hultén, Director, Export Finance, Swedish Export Credit Corporation (SEK)Jean Baptiste Piette, Executive Director, Head of Export & Agency Finance, USA, Global Banking & Markets, SantanderModerator: Piers Constable, Head of the Americas / Structured Trade & Export Finance, Deutsche Bank

Export Finance Stream - Room 1 Americas Project Finance Roundtables

X marks the spot: Global ECA coverage across the AmericasOur panel of global ECAs give the latest on planned coverageupdates in existing and new markets. We ask how they will innovatetheir products and aim to better serve their nation’s exporters?What is the role of Latin American ECAs including Bancomext goingforward? Will BNDES continue to dominate in Brazil? How does thecurrent status of US EXIM fit into the picture?We conclude with an audience survey on the effectivity of the ECAproduct in key markets and high risk territories across the AmericasTopi Vesteri, Deputy CEO, Finnvera PlcJesse Law, Chief of Staff, Us Ex-Im BankYoshitaka Fukushima, Assistant Director, Nexi - Nippon Export Investment InsuranceJens Kruse, Head Of Underwriting Latin America, Euler Hermes AktiengesellschaftRichard Simon-Lewis, Head of Global Origination, Client Coverage, Marketing & Communications, UK Export Finance

Infrastructure investing in Latin AmericaLatin America is a hotbed of infrastructure projects, from toll roads in Columbia and windfarms in Chile to energy auctions in Mexico and Brazil and the new opportunities in Argentina. In total the region recorded $17.2bn in project loans in 2016, with Chile leading the market at $4.3bn. In 2018, the opportunities for financing and investing in Latin America energy and infrastructure projects will be extended further with a $26.5bn of a projects in the rehabilitated Argentina, as well as the ongoing $70bn 4G Columbia program and projects across the Americas. For many LATAM countries, the growth of the power markets, including the renewables sector has driven deal flow, recording 32 deals across the continent, and opportunities for both bank markets and private equity to finance renewable energy developers will continue with new government auctions for wind and solar farms. In infrastructure too, from airports to ports and roads, opportunities for investing in government PPPs programmes are many, but not without risks.

The roundtable will assess the opportunities for project finance lenders, infrastructure debt and equity investors and project developers, identifying the risks in each local market and the potential yields in LATAM infrastructure.

Luis Arizaga, Founding Partner, EIRA CapitalAdrián Katzew, CEO, Zuma Energia Miguel Rubio, Managing Director, ACCIONA Energía Jose Silos, Director, Invex Infraestructura

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Roundtable 2The $1 Trillion US Infra Plan – New Deals or Emperor’s New Clothes?Beyond the headlines of US President Donald Trump’s promise of huge infrastructure investment in the US, to rebuild roads, bridges railways and waterways, the details of both the projects and how they will be financed remain unclear. The US recorded $33bn in the project finance markets in 2016, yet the scope for growth in infra lending and investing in 2018 remains to be seen.

This roundtable will examine the reality of the US infra project pipeline, the scope for fiscal funding at federal level, municipal financing at state level, and role of both US and foreign, including Chinese banks, US private debt and equity and institutional funds in financing projects in this market. Is there enough market capacity to finance the potential programme or does the US need a national infrastructure bank? What are the opportunities for private equity? Or is this all just a case of the Emperor’s new clothes?

Nick Gole, Global Head of Infrastructure and US Resources, Macquarie CapitalAdi J. Blum, Managing Director, Global Energy & Power Infrastructure, BlackRock

A green future: Renewables and project growthFrom increased pension fund activity in the green bond markets to DFIs and ECAs with a green mandate, lenders, encouraged by government policy, continue to increase their desire for green investment. Insufficient transmission infrastructure and battery storage can be seen as a stumbling block for power transmission, but present exciting investment opportunities. This is in conjunction with the huge power generation possibilities born out of the abundance of renewable resources across both continentsPablo Otin VP, Emerging Markets, 8minutenergyRafael Valdez Mingramm, Managing Director, Latin America & The Caribbean, Envision Energy InternationalTimothy Effio, Market Director, Latin America, AES Energy StorageLeandro Alves, President & COO, Falvez EnergyJuan Walker, New Business Latam, MainstreamRenewable PowerModerator: John L. Schuster, President, JLS Capital Strategies LLC

Risk busters - Who you gonna call? The increasing role of private market insurance With PRI seeing an increased growth in the traditional ECA market place, and private trade credit seeing continued relevance, our panel of buyers and insurers discuss the latest:- Public and private collaboration vs competition, is this argument stale? Have there been recent developments and working frameworks to emulate, or do we still need to progress?- PRI for project finance, fact or fiction? Much rumoured to be a trend, we assess if long term project financings are suitable for the PRI market, and if these long tenor agreements are underway?- What is driving trade credit insurance take up, and how do leading trade credit insurers view the market’s credit and country risk in key Latin American countries; Mexico, Brazil, Colombia, and Argentina currently?Jared Kotler, Head of Political Risk and Credit, Validus SpecialityModerator: John Lavelle, Senior Managing Director, BPL/EIA-Global

A rocky road: Navigating Brazil’s path to successThough rocked by scandal, Brazil continues to be a vital player in South America, with the demands of the continents largest population and economy requiring constant investment. Transport, oil & gas, PPP, power and renewables projects present huge opportunities for investors, especially with the vacuum left by shirking BNDES resources. Uncertainty around how the 2018 elections, foreign exchange volatility and local and international lending market sentiment will all interact unpredictably, will be addressedThomaz Favaro, Associate Director, Brazil & Southern Cone, Control RisksMarcello Estevão, Secretary for International Affairs, Ministry of Finance Brazil

Chairman’s introJonathan Bell, Editor in Chief, TXF

Tequila Sunrise: A cocktail of Mexican investment classesPower, infrastructure, agribusiness, oil & gas and renewables make for a blend of exciting investment opportunities for local and internationalinvestors. We examine key market trends:- Over the next 15 years 56 GW of additional generational capacity representing $100 billion of investment is needed. Against the backdrop of energy sector reform, how will this be fnanced?- With the growth of renewables, particularly wind and solar, how will the Mexican power market change over the coming years?- Where are the opportunities in urban infrastructure development?Victor Luque, Managing Director for State owned Enterprises, Ministry of Energy, MexicoJesus Serrano Landeros, Commissioner, Comisión Reguladora de Energía, Mexico

Day Two /Wednesday February 8thDay Two /Wednesday February 8th

Networking coffee break

Networking coffee break

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Chairman’s Closing Remarks

Networking LunchNAFTA, TTP, Trump and the future of America’s tradeOur panel of economic and business experts plot future scenarios of trade across the Americas, and discuss the consequences of the most popular outcomes. What does the future of cross border trade look like considering changes to TPP and NAFTA? Is Trump leading North America towards isolationism? How will this impact Latin American manufacturing and the export industry?Carlos Avila, Director, Export Finance, LBBW

To trade or not to Trade? That is the question The latest addition of the popular TXF deal or no deal series, to trade or not to trade, brings together executives from private market insurers, DFIs, ECAs and commercial banks to decide whether they would engage in the hypothetical deals presented? How they would look to structure the deal? And at what price they would do this at?

Export & Project Finance Stream – Room 1 Commodity & Trade Finance Stream - Room 2

Playmakers: The development bank mandateWith development bank finance a crucial component in project viability, this session explores the differing mandates of bilateral and multilateral institutions:- Which industries and countries are highest priority? What environmental and sustainable factors have to be met to ensure funding?- How does this intersect with the ECA market? Are bilateral DFIs less motivated by development goals and more so by national interest? If so does this blur the ECA – DFI relationship lines?- How can governments, corporates, project sponsors and lenders interact with DFIs and MFIs?Sarvesh Suri, Director of Operations, MIGA - Multilateral Investment Guarantee AgencyJozef Henriquez, Head of Resource Mobilization, Inter-American Investment Corporations (IIC)Arun Kumar Sharma, Chief Investment Officer, Global Financial Markets, International Finance Corporation (IFC)

Built to last: Sustainable supply chain financingSupply chain financing has seen fast growth over the last 10 years, spurred on by working capital needs and technological efficiencies. We examine the state of the market today and how continued growth can be sustainable:

• Latin American markets have specific challenges that make SCF more difficult to execute. How do multinationals make it work sustainably in the region without putting too much pressure on smaller suppliers?

• How do you overcome issues arising from the decline in correspondent banking networks?

• Which solutions are banks and alternative providers bringing to the forefront? Will receivables financing see the same growth as in Europe? And what opportunities exist in the open account space to grow this solution?

Moderator: Ricardo Martinez, Partner, Hogan Lovells US

From toll roads to a modern ColombiaThe government 4G concession plan has set a precedent for infrastructure investment in Colombia, this is just one facet of a wider $70 billion plan for 2035 that includes road, rail, airport and port projects. We take a look at the plethora of lending opportunities around this, and who is in place to capitalize on this. Will the May 2018 election affect project completion? Does the FARC demobilization present room for increased agricultural production?

Commodity finance structures – opening the toolbox Demand for structured commodity finance solutions varies over time, by geography, and by underlying commodity, but what tools does today’s structured commodity banker keep close at hand? Pre-export finance, revolving credit facilities, prepayments, and borrowing bases – a panel of structured commodity finance practitioners share their insights into what is on trend, and why.Juan Martin, Managing Director - Head of Structured Commodity Trade Finance, Deutsche BankLionel Autret, Managing Director, Trade and Commodity Finance, Rabobank North America

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